Brexit: The only certainty is more uncertainty
The European Union (EU) has agreed to postpone Brexit until May 22 to give UK Prime Minister Theresa May more time to get her deal approved in Parliament. But unsurprisingly, there are a strings attached.
Mrs May had hoped to persuade the EU to delay the March 29 Brexit date – which is set in law – to June 30. Instead the 27 EU leaders offered her two dates:
- A delay until May 22, provided MPs approve her withdrawal deal in a vote before the end of the month.
- A shorter delay until April 12 if they reject it. By that time the UK must advise of its next steps – either another extension or leaving without a deal.
- But the EU says a further extension beyond April 12 is only possible if the UK agrees to hold European elections on May 23.
- However, Mrs May has already indicated the UK will not take part in the vote.
EU leaders are among many who fear the UK leaving the bloc without a deal would lead to chaos.
A “no-deal” scenario would trigger a major upheaval in trade and foreign relations and could cause great damage to Britain’s economy.
Read more in the March/April edition of the Dynamic Export magazine.